In the opinion of the currency strategists of the UOB Group, USD/JPY outlook remains neutral and the pair is still seen trading in the 114.40-116.30 range In the next weeks.
Featured Comments
24 hour view: “Our view that ‘USD/JPY risk is on the downside’ was incorrect as it spiked to a high of 115.47. The advance has room to extend but a clear break of 115.90 looks unlikely (there is another resistance at 115.70). Support is at 115.25, followed by 114.95.”
Next 1-3 weeks: “We highlighted yesterday (March 7, USD/JPY at 114.85) that downward momentum is starting to build, but USD/JPY has to close below 114.40 before further weakness is likely. However, the USD/JPY rallied strongly and broke through our ‘strong resistance’ level at 115.40 The strong but short-lived swings of the past few days have given rise to a mixed outlook and USD/JPY could move in a choppy and relatively range bound manner. wide 114.40/116.30.”
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
